PURE INDUSTRIAL REAL ESTATE TRUST CLOSES $28.8 MILLION PREVIOUSLY-ANNOUNCED TRANSACTION

VANCOUVER, May 20, 2011 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a fully leased income producing industrial property for a total purchase price of $28,775,000

The property is located at 5645 - 70th Street, Edmonton, Alberta, has a total rentable area of 138,633 square feet, is situated on 8.11 acres and was constructed in 2008. The property is 100% leased to quality tenants on long term leases, with the Government of Canada representing 53% of the annual revenue.  The weighted average lease term is greater than five years.

PIRET funded the acquisition with equity from the bought deal financing announced April 28, 2011 and with first mortgage financing of $18.7 million, bearing an interest rate of 4.47% and maturing in five years.

After completing this acquisition and as previously announced, PIRET will have acquired more than 1.8 million square feet of income producing properties valued at more than $230 million since January 2010.

PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN. For more information on PIRET, visit our website at www.piret.ca.

About Pure Industrial Real Estate Trust (PIRET)

PIRET is an unincorporated, open-ended investment trust established for the purposes of acquiring, owning and operating a diversified portfolio of income-producing industrial properties in both primary and secondary markets across Canada.  PIRET focuses exclusively on investing in industrial properties and is the only publicly traded vehicle in Canada that offers investors exclusive exposure to Canada's industrial asset class.

Additional information about PIRET is available at www.piret.ca or www.sedar.com.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE Pure Industrial Real Estate Trust (PIRET)

For further information:

Andrew Greig,
Director of Investor Relations

Pure Industrial  Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail: agreig@piret.ca
www.piret.ca

TSX Venture Exchange - AAR.UN

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Pure Industrial Real Estate Trust (PIRET)

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